Filed under: Chrysler, Earnings/Financials, Fiat
Chrysler may be more than a little short on new products right now, but that apparently isn't stopping Team Pentastar from bolstering its bottom line.
The Detroit Free Press reports that Fiat/Chrysler CEO Sergio Marchionne told reporters that Chrysler managed to produce black ink between April and June. We won't know exactly how much money Detroit-based automaker pulled in until August.
In any case, this counts as phenomenal news for the struggling automaker, which went through bankruptcy proceedings during the second quarter of 2009. Chrysler also posted an
operating profit of $143 million in the first quarter, though one-time costs meant an overall loss of $197 million at that time.
While we'll have to wait a couple more week for Chrysler's official Q2 numbers, Fiat has already posted its results for the quarter. The Italian automaker managed a $146 million profit bolstered by a 12.5 percent increase in revenue. Global sales reportedly grew by 6.7 percent versus the same quarter in 2009, even with a 21.5 percent drop in sales in Italy. Fiat's domestic market sales were negatively impacted due to the end of the country's Cash for Clunkers-style program.
[Source:
Detroit Free Press | Image: Joe Raedle/Getty]
Marchionne: Chrysler earned operating profit in Q2 originally appeared on Autoblog on Wed, 21 Jul 2010 18:59:00 EST. Please see our terms for use of feeds.
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22-07-2010, 02:10 AM
